Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | |||||
U.S. Dollars in thousands, except per share amounts | |||||
|
| |||||
|
| Three months ended | Nine months ended | |||
|
| September 30 | September 30 | |||
|
| 2018 | 2017 | 2018 | 2017 | |
|
| Unaudited | ||||
|
|
|
|
|
| |
GAAP net income (loss) | $2,543 | $5,850 | ($1,729) | $13,865 | |
Equity-based compensation expense included in cost of revenue |
155 |
125 |
480 |
330 | |
Equity-based compensation expense included in research and development expenses |
1,246 |
991 |
3,874 |
2,834 | |
Equity-based compensation expense included in sales and marketing expenses |
369 |
381 |
1,246 |
1,040 | |
Equity-based compensation expense included in general and administrative expenses |
697 |
722 |
2,483 |
2,142 | |
Income tax benefit related to equity-based compensation expenses | (118) | (84) | (400) | (268) | |
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-Iot technologies | 303 | 309 | 937 | 927 | |
Non-GAAP net income | $5,195 | $8,294 | $6,891 | $20,870 | |
|
|
|
|
|
| |
|
| |||||
GAAP weighted-average number of Common Stock used in computation of diluted net income (loss) per share (in thousands) | 22,428 | 22,683 | 22,091 | 22,480 | |
Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 390 | 273 | 897 | 301 | |
Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands ) | 22,818 | 22,956 | 22,988 | 22,781 | |
|
|
|
|
|
| |
GAAP diluted earnings (loss) per share | $0.11 | $0.26 | ($0.08) | $0.62 | |
Equity-based compensation expense, net of taxes | $0.11 | $0.09 | $0.34 | $0.26 | |
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies | $0.01 | $0.01 | $0.04 | $0.04 | |
Non-GAAP diluted earnings per share | $0.23 | $0.36 | $0.30 | $0.92 | |
CEVA, INC. AND ITS SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
|
| ||
| (U.S. Dollars in thousands) | ||
|
| ||
|
| September 30, | December 31, |
|
| 2018 | 2017 (*) |
|
| Unaudited | Unaudited |
| ASSETS |
|
|
| Current assets: |
|
|
| Cash and cash equivalents | $ 9,212 | $ 21,739 |
| Marketable securities and short term bank deposits | 110,344 | 117,096 |
| Trade receivables | 7,577 | 14,480 |
| Accrued revenues | 16,456 | 2,014 |
| Prepaid expenses and other current assets | 5,904 | 3,747 |
| Total current assets | 149,493 | 159,076 |
| Long-term assets: |
|
|
| Bank deposits | 47,450 | 44,518 |
| Severance pay fund | 9,242 | 8,910 |
| Deferred tax assets | 4,727 | 3,643 |
| Property and equipment, net | 7,979 | 6,926 |
| Goodwill | 46,612 | 46,612 |
| Intangible assets, net | 3,004 | 1,742 |
| Other long term assets | 6,744 | 5,385 |
| Total assets | $ 275,251 | $ 276,812 |
|
| ||
| LIABILITIES AND STOC KHOLDERS' EQUITY | ||
|
| ||
| Current liabilities: |
|
|
| Trade payables | $ 1,000 | $ 392 |
| Deferred revenues | 3,614 | 4,399 |
| Accrued expenses and other payables | 16,449 | 18,004 |
| Total current liabilities | 21,063 | 22,795 |
|
|
|
|
| Long-term liabilities: |
|
|
| Accrued severance pay | 9,800 | 9,347 |
| Total liabilities | 30,863 | 32,142 |
|
|
|
|
| Stockholders' equity: |
|
|
| Common stock: | 22 | 22 |
| Additional paid in-capital | 221,248 | 217,417 |
| Treasury stock | (36,168) | (26,056) |
| Accumulated other comprehensive loss | (1,284) | (586) |
| Retained earnings | 60,570 | 53,873 |
| Total stockholders' equity | 244,388 | 244,670 |
| Total liabilities and stockholders' equity | $ 275,251 | $ 276,812 |
|
|
| (*) Derived from audited financial statements |
